How to buy and sell Bitcoin in Malaysia?
On 6 January 2014, Bitcoin was not recognized as a legal tender in Malaysia. The central bank will not regulate Bitcoin operations at the moment, and users should be aware of the risks associated with Bitcoin usage. However, Malaysian governments have been quite friendly with Bitcoin and cryptocurrency so far. In a recent ruling, the Malaysian government stated it had no intention of banning Bitcoin transactions. However, how to buy and sell Bitcoin in Malaysia is still a question many people wonder.
Cryptocurrency legislation in Malaysia
As early as 2014, the Malaysian government became aware of Blockchain technology. Malaysia’s Negara Bank, Malaysia’s Central Bank, has warned its citizens that Bitcoin is not recognized as a legal tender in the country due to a lack of regulation. Three years later, the second Finance Minister, Johari Abdul Ghani, revealed that the Malaysian government has no intention of enforcing a ban on cryptocurrency transactions like Bitcoin and Ethereum.
However, that would be a harsh decision. This will likely curb innovation and creativity in the financial sector. Moreover, it is highly likely that the Malaysian government may ban cryptocurrencies, and they are trying to establish a balance between the public interest and the integrity of the financial system.
This reversal of policy appears to be a cure-all for cryptocurrency traders in Malaysia as this is a complete change instance after Malaysia’s Bank of Negara Governor Muhammad Bin Ibrahim declined total ban on cryptocurrencies in October 2017.
An undeniable fact is that financial innovation in cryptocurrency technology can strengthen the country’s economy in terms of productivity and financial intermediaries, making it more seamless. Malaysia has joined the Philippines in the list of countries in the fastest growing world economies to reverse the stance on cryptocurrencies.
Buy and sell Bitcoin at Luno
Luno is one of the most popular Bitcoin and cryptocurrency exchanges. The exchange allows trading of Bitcoin and Ethereum using several fiat types, including MYR (Malaysia Ringgit).
Luno’s transaction fee is meager compared to competitors. In particular, the transaction fee is only about 0% – 1% of the transaction volume. The more you trade on Luno, the lower the transaction fee. Of all the exchanges that allow users to buy Bitcoin in Malaysia, Luno is the cheapest.
Luno also has the highest limit available, if you verify your account entirely. After full verification, users can purchase Bitcoin worth 300,000 MYR. Overall, Luno is a reliable option for anyone trying to buy Bitcoin in Malaysia.
Their user interface is not as intuitive as some other exchanges. But once you learn how to use it, Luno may be the best option on this list.
Buy and sell Bitcoinn at Coinmama
Coinmama is a top-rated cryptocurrency broker. Because this exchange serves almost every country in the world, including Malaysia. In addition to Bitcoin, Coinmama also allows buying several significant altcoins such as Ethereum, Litecoin, and XRP.
One thing that is different about Coinmama is that this exchange never holds money for users. Instead, users place buy orders and deposit cryptocurrencies directly into their wallets. Before using Coinmama, it’s essential to learn about all your options for storing Bitcoin.
For fees, Coinmama’s transaction fee is about 5% when buying credit and debit cards. This is the average for any exchange or broker that processes credit and debit card transactions. Coinmama’s purchase limit allows the equivalent of US $ 5,000 per day, up to a total amount equivalent to US $ 20,000 per month.
However, Coinmama does not allow the sale of cryptocurrencies, can only buy Bitcoin.
Buy and sell Bitcoin in Malaysia in CEX.io
CEX.io is another popular option that allows the use of credit cards, debit cards, and some bank purchases. In addition to fiat types, they also offer cryptocurrency exchanges with each other.
CEX.io also offers a custodial wallet to store cryptocurrencies, but this is usually never a good option on any exchange. After buying cryptocurrency on an exchange, always transfer it to a wallet you have control over.
Although the transaction fee of CEX.io seems low, however, this exchange has a high premium on the price of each currency. The premium is when the listed price is higher than the rate of departure. It is difficult to say precisely what price you will pay, but the number is between 7% -8%.
Other than the somewhat high premium, CEX.io is a safe, secure option to buy Bitcoin and other cryptocurrencies.
Buy and sell Bitcoin at Changelly
Changelly works differently than most other exchanges. Services remove one step from the process of trading cryptocurrency by allowing users to exchange currencies in one step.
To get started, create an account on the exchange. Next, select an input and output currency. Then send the input currency to the specified address and automatically receive your output currency a few minutes later.
Changelly’s fees vary depending on the exchange of cryptocurrencies or cryptocurrencies. For cryptocurrency exchanges, the fee is 0.5%, while fiat currency has a fee of about 5%.
It is important to note that Changelly only allows the card to be used as a payment method if used for fiat purchases.
Buy and sell Bitcoin at Remitano
Remitano is a P2P Bitcoin and cryptocurrency trading platform. That is, Remitano is only an intermediary third party to ensure the safest transactions, and transactions will be made directly between buyers and sellers together. According to the introduction, Remitano is a product of Babylon Solutions Limited based in the Republic of Seychelles (registration number Seychelles Reg. No. 168830).
According to the introduction on the official website, the Remitano exchange is currently providing services in some major countries such as the US, Malaysia, Vietnam, Nigeria, Cambodia, China, and some other developed countries. According to our testing from SimilarWeb, the traffic to Remitano is mainly from Vietnam, up to nearly 80%. As such, we can see that Remitano serves mostly customers in Vietnam. Besides, when you trade on Remitano, you may notice that Remitano’s support team has two main groups of people from India and Vietnam.
Buy and sell Bitcoin at Huobi
Huobi is an exchange of Chinese origin, but accessible worldwide. Notably, in the market where exchanges are regularly hacked, Huobi has never been attacked during its operation.
Founded in September 2013, Huobi is one of the oldest exchanges in the field. Therefore, the reputation and safety of the exchange has been time tested.
Huobi has two different versions – Huobi OTC (that allows trading of cryptocurrencies with fiat currencies at zero fees) and Huobi Pro (that is for advanced trading capabilities). Huobi is coming up with a cryptocurrency exchange-traded fund (ETF) to be named HB10.
One of the reasons for Huobi’s popularity is its massive offering. The exchange features more than 50 trading pairs that are available at all times, just like the exchange’s customer support. All USD fees are 0.1% large, while crypto-to-crypto fees are even lower, at 0.05%.
With all of this combined, in addition to high-quality analytics, an excellent reputation, high liquidity, and more — it is easy to understand why Huobi is advancing as rapidly as it is.
Buy and sell Bitcoin at Binance
Binance is one of the largest cryptocurrency exchanges in the world. Binance was founded by Changpeng Zhao (CZ) – former development manager at Blockchain.com. After conducting the ICO, Binance launched the trading platform in July 2017.
The name Binance comes from a combination of “Binary” and “Finance.” Meaning is to represent the emerging digital financial system.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Binance supports nearly 400 trading pairs on its platform. In which BNB is an internal coin issued by Binance to fund the development of Binance.
Buy Bitcoin in South Africa through P2P platforms LocalBitcoins
LocalBitcoins is an escrow service that also helps to match bitcoin buyers and sellers. Users may advertise trades for whichever payment method they prefer. Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, maybe one of the fastest and most private ways to buy bitcoins in any country, including the United States, Europe (besides Germany), UK, Singapore, Canada, Australia and many more.
- What Is LocalBitcoins? How To Register On LocalBitcoins? How To Buy And Sell Bitcoin On LocalBitcoins?
Buy Bitcoin through P2P platforms Paxful
Paxful is an online marketplace which allows buyers and seller to meet online and trade Bitcoins. Similar to LocalBitcoins or Remitano, Paxful allows a wide range of payment methods and buying options which can not be found on traditional exchanges.
Paxful aims to be the “Uber” of the Bitcoin community. Paxful enables individuals to become merchants and sell Bitcoin online, similar to how eBay allows people to sell merchandise.
Buy Bitcoin through Bitcoin ATM
Another way to buy Bitcoin in Malaysia is to look for Bitcoin ATMs in this country. Ideally, buyers should get a wallet first to store Bitcoin, as some exchanges may require doing so.
Currently, in Malaysia, there are about 5 Bitcoin ATMs in operation. In Kuala Lumpur, there are 3 Bitcoin ATMs, Langkawi 1 machine, and Nilai 1 machine.